Mexican broadcaster Televisa downgraded to 'neutral' by UBS

MEXICO CITY, March 6 Wed Mar 6, 2013 9:25am EST

MEXICO CITY, March 6 (Reuters) - Mexican broadcaster Televisa, the world's biggest producer of Spanish-language content, had its stock downgraded to "neutral" by Swiss bank UBS on Wednesday.

"We no longer see sufficient upside to justify a 'Buy' (after) the stock's recent strong performance," the bank said in a client note.

Televisa's share price has risen just shy of 3 percent since the start of the year, and nearly 20 percent since the end of 2011.

Nonetheless, with a telecoms reform in Mexico pending, UBS said it continued to view Televisa's future prospects as solid.

"We continue to like Televisa's core assets and view the company as a long-term winner from Mexico's pending competition laws," it said.

Last month, Televisa reported a higher fourth-quarter profit on solid sales and lower financing costs.

The company's shares closed down 0.1 percent on Tuesday at 70.26 pesos.

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